The ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Negotiations between the US and Iran regarding the opening of this important waterway have stalled as the countries have rejected each other’s proposals to end the war that began when the US and Israel attacked Iran on February 28.
Majid Saeedi Getty Images News | Getty Images
Mediators believe they are nearing a deal to extend the US-Iran ceasefire by 60 days and establish a framework for nuclear talks, the Financial Times reported on Saturday, citing people briefed on the talks.
The deal will include the gradual opening of the Strait of Hormuz, a commitment to deal with Iran’s stockpile of enriched uranium, the easing of sanctions, and a phased freeze on Tehran’s overseas assets, the FT reported.
A spokesman for Iran’s foreign ministry said Tehran was finalizing a “memorandum of understanding” to end the war as a first step, before moving to broader talks within 30 to 60 days.
“The deal seems to be going in the right direction. It is now with the Americans for review,” a senior diplomatic official told the FT.
US President Donald Trump said he is getting “very close” to a deal with Iran, CBS News reported on Saturday.
He held a phone call Saturday to discuss the draft accord with Arab leaders and may make a decision Sunday, Axios reported.
There has been a fragile ceasefire in place since April 8, which has been the focus of hostilities as the US and Iran jockey over the Strait of Hormuz, a key global energy trade route. The conflict has sparked what Gulf states have called the worst global energy crisis in decades, with high energy prices in the US feeding inflation and expectations that the Federal Reserve may need to raise interest rates.
Pakistani and Qatari negotiators held talks with their Iranian counterparts on Thursday and Friday, while they were in regular contact with US ambassador Steve Witkoff, the FT reported.
Iran’s top negotiator told his Pakistani counterpart that Iran will not violate its “legitimate rights” and expressed confidence in the US, Reuters reported on Saturday.
Iran’s military has rebuilt forces damaged since the conflict began in late February, Iranian Parliament Speaker Mohammad Baqer Qalibaf told Reuters.
The biggest sticking point remains Trump’s demand that Iran give up enriched uranium and permanently give up any nuclear weapons capability, the FT said.
Trump also demanded that Iran dismantle the Natanz, Fordow and Isfahan nuclear sites, which the US bombed after Israel intervened in last year’s war with Iran.
Iran’s Foreign Ministry acknowledged that the two sides remain both “too far and too close” to a deal, noting that the US has set “conflicting conditions many times.”
Trump said on Monday the US had stopped renewing attacks on Iran this week while “serious negotiations” continued.
Gulf states including Saudi Arabia, Qatar and the UAE have urged Trump to halt the military offensive, fearing Iranian retaliation in the region and major damage to global energy markets.
This story is developing. Please check back for updates.
